Ethereum ETH/USD, the second-largest cryptocurrency, must hold above a key price level before its price can potentially move over the $1,500 mark, according to a popular analyst.
What happened: According to crypto trader Michaël van de Poppe, Ethereum’s price must sustain above $1,150 if it is to surge to $1,330 and then $1,550 in the near future. He emphasized the crucial importance of breaking the $1,200 mark.
— Michaël van de Poppe (@CryptoMichNL) November 24, 2022
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When the demand for an asset is equal to the supply at a certain price point, that point is known as a resistance level.
Despite bearish signs, the biggest of Ethereum holders continue accumulating and growing their ranks. Glassnode data reveals the number of Ethereum addresses holding at least 10,000 ETH are worth nearly $1.2 million as of press time.
Price Action: At the time of writing, ETH is trading at $1,181 down 1.56% in the last 24 hours, according to Benzinga Pro data.